If you have just joined parenthood, welcome! It gets easier…(just kidding, it doesn’t)! Now that your little one is a toddler, it is time to carve out a savings plan for them. This is where the Sacos Junior Plan comes in.
By now, you may have seen our current advert and promotion on life insurance for your child. To help you learn more about the Sacos Junior Plan, we have prepared a little Q&A for you below:
What is the Sacos Junior Plan?
The Sacos Junior Plan is a life insurance policy which can be taken out by a parent or legal guardian on any child between the age of 1 and 11.
When does the policy mature?
The policy will mature when the child is either 18, 19, 20 or 21 years old. It will be up to the parent to decide which age they want the child to receive the sum assured.
Is there a limit on the sum assured?
There is no limit on the sum assured, however we do recommend a minimum sum assured of SCR100,000. We will consider certain factors such as your income when determining the sum assured.
Is the monthly premium expensive?
The amount you pay on a monthly basis depends on a number of factors. If you have insured a large sum, your monthly premium will be higher. The earlier you start and the longer your term limit, the cheaper your monthly premium will be.
What happens if the parent passes away?
In the unfortunate event that you pass away or become permanently disabled, we will step in to take care of your child’s policy the rest of the way. Regardless of the sum assured, we will make the payment towards your monthly premium until the policy matures. At the end of the term limit or the coming of age of your child, Sacos will pay the full sum assured to your child.
What happens if the child passes away?
In the unfortunate event that your child passes away, and was above the age of six at the time of the passing, we will pay the full sum assured to the parent.
It is very important to get your child on a savings plan to ensure that they have a leg up in life when they come of age. With the amount saved on their behalf, they will be able to put a deposit on a new car, an apartment or have some extra cash for university, whereever they choose to go. Stay tuned for more details on the Sacos Education Plan.
Contact us for more information on the Sacos Junior Plan!